Snowflake Stock Surges on Earnings Beat and $6B Amazon Deal
Snowflake reported $1.39 billion in first-quarter revenue, a 33% year-over-year increase, surpassing analyst expectations. The cloud data company also raised its full-year product revenue guidance to $5.84 billion. Shares jumped following the announcement of a $6 billion deal with Amazon Web Services (AWS). The partnership expands Snowflake's integration with AWS, allowing customers to use Snowflake's data platform on AWS infrastructure. The earnings beat and strategic deal signal strong demand for cloud data services.
Key facts
- Snowflake reported $1.39 billion in first-quarter revenue, up 33% year over year.
- The company lifted its full-year product revenue guidance to $5.84 billion.
- Snowflake announced a $6 billion deal with Amazon Web Services (AWS).
- Shares rose significantly after the earnings beat and deal announcement.
- The AWS deal expands Snowflake's integration with Amazon's cloud infrastructure.
- First-quarter revenue exceeded analyst expectations.
- The partnership aims to boost customer adoption of Snowflake on AWS.
- Snowflake's stock price increased following the news.
Entities
Institutions
- Snowflake
- Amazon Web Services (AWS)
Sources
- Quartz —